(Bloomberg) -- The world’s largest fertilizer firm is looking to do more in Brazil after a flurry of takeovers this year to bolster its retail presence within the South American nation.
Nutrien Ltd. spent around $500 million on about 15 retail transactions in the agricultural superpower this year, Chief Executive Officer Ken Seitz said Thursday in an interview at Bloomberg’s New York headquarters. Those deals have helped the Canadian company double its presence in Brazil -- though it only has a 3% share of the market.
Nutrien’s buying spree comes as agricultural giants step in to swallow small retailers that sell fertilizers and weed-killers to Brazilian farmers, as demand for agricultural goods soars in a year hobbled by supply disruptions, weather woes and elevated food prices.
Read more: Big ag is in M&A frenzy scooping up fertilizer shops in Brazil
Brazil has an obvious appeal for the fertilizer firm: it’s the top producer of soybeans, coffee and orange juice, and No. 2 producer of corn.
“For agriculture and for the future of agriculture, we kind have to be in Brazil,” he said. “So that will continue to be our focus.”
--With assistance from Tarso Veloso.
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